A Hard Bite to Chew for Dentists

Very Important Article for your Practice. A Must Read!!

You were serious about your work in Dental School, but how serious are you today about protecting your practice from fraud? The majority of medical and dental practice owners feel they are not vulnerable to embezzlement—but why is it that medical and dental offices lose over $50 billion a year to rogue accounting? This article is hard to bite, chew and swallow, but please understand that we are here to help!

One of the services we provide is QuickBooks training. At my most recent class, a small group of front office managers for medical and dental offices. The group as a whole conceded that their practice owners are clueless when it comes to ​QuickBooks, their practice management software, and daily operations! As I looked out into the room of these ladies and gentlemen, I knew that FBI statistics show that one of them is going to try and defraud their employer.

Life is about taking chances, including people we employee. A seemingly great employee can go to dire straits quickly, and you can be taken for $100,000 in just a few short months. Don’t believe this can happen to you? It happens every day in the United States—for billions.

The average embezzlement claim is $104,585, according to the FBI. The average time period is 23 months. Embezzlement is a crime of perceived need and opportunity. Most people begin their spree as “Well, I’ll pay this back, but I need it now” and evolve into, “That dentist is a jerk! He makes more than I’ll ever see and never says please or thank you!” Despondency turns into Entitlement.

Here are 6 easy rules on how you can protect yourself:

Admit you are not invincible. You went to medical school to be a licensed professional, not a master of business.

Be familiar with all software used, no matter how frivolous it seems. Think of the time you spend learning software as a CLE.

Implement checks-and-balances controls. Hire a reputable company to perform a review of your monthly books who does not conduct any transactions.

Listen to your staff,keep your ear out for any employee who badmouths the practice owners—The FBI says this is the most frequent embezzler profile.

Be the boss. Everything you do sets precedence.

Don’t break any one of these rules.

“At EC3 Accounting Solutions,we are experts in accounting fraud detection. Our unique blend of legal and accounting backgrounds qualify us to provide you protection and peace for a very affordable price. Call us, we’re here to help!”

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